+3.20(+0.24%)

-6.11(-0.39%)

March E-mini Dow Jones Industrial Average futures are trading lower, but attempting to claw back today’s earlier losses. A pre-market sell-off was fueled by stronger-than-expected U.S. consumer inflation data that signaled the Fed may have to raise rates more aggressively this year.

Daily March E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 23088 will signal a resumption of the downtrend.

The minor trend is also down. A move through 25239 will change the minor trend to up.

The main range is 26684 to 23088. Its retracement zone at 24886 to 25310 is resistance and the primary upside target.

The intermediate range is 23088 to 25239. Its retracement zone at 24164 to 23910 is acting like support.

The short-term range is 25239 to 23325. Its retracement zone at 24282 to 24508 is currently acting like support. This zone was tested earlier in the session.

Daily Technical Forecast

Based on the current trade, the direction of the Dow today is likely to be determined by trader reaction to the Fibonacci level at 24508 and the 50% level at 24282.

A sustained move over 24508 will signal the presence of buyers. This could trigger a surge into 24886, followed by a downtrending Gann angle at 25148 and the main Fib level at 25310. This is a potential trigger point for another surge into 25916.

A sustained move under 24282 will indicate the presence of sellers with potential downside targets lined up at 24164 and 23910.

Crossing to the weak side of a steep downtrending Gann angle at 23612 will indicate the selling is getting stronger. This could trigger an acceleration into 23325 then 23088.